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Annual Report 2020 2020 Geographical Coverage 2 China MeiDong AR2020 Cover 19mm output.pdf 1 30/3/2021 下午5:57 China MeiDong Auto Holdings Limited China MeiDong Auto Holdings Limited China MeiDong Auto Holdings Limited 中國美東汽車控股有限公司 中國美東汽車控股有限公司 （於開曼群島註冊成立之有限公司） (Incorporated in the Cayman Islands with limited liability) 股份代號：1268 Stock Code : 1268 中國美東汽車控股有限公司 C M Y CM MY CY CMY K Annual Report 年報 年報 2020 ANNUAL REPORT 2020 2020 GEOGRAPHICAL COVERAGE 2 CORPORATE INFORMATION 4 CONTENTS LETTER TO SHAREHOLDERS 5 MANAGEMENT DISCUSSION AND 11 ANALYSIS BIOGRAPHICAL DETAILS OF DIRECTORS 16 AND SENIOR MANAGEMENT REPORT OF THE DIRECTORS 20 CORPORATE GOVERNANCE REPORT 36 INDEPENDENT AUDITOR’S REPORT 50 CONSOLIDATED STATEMENT OF 58 COMPREHENSIVE INCOME CONSOLIDATED STATEMENT OF 59 FINANCIAL POSITION CONSOLIDATED STATEMENT OF 61 CHANGES IN EQUITY CONSOLIDATED CASH FLOW 62 STATEMENT NOTES TO THE FINANCIAL STATEMENTS 63 FIVE-YEAR FINANCIAL SUMMARY 164 2 GEOGRAPHICAL COVERAGE Guangdong Beijing & Hebei Gansu Porsche BMW Lexus (1) Shunde Dongbao* (25) Chengde Meibaohang* (45) Lanzhou Meidong* (2) Shantou Dongbao* (26) Beijing Huibaohang (3) Jieyang Dongbao* (27) Beijing Meibaohang (70%) Jiangxi (28) Langfang Guanbaohang BMW (29) Bazhou Guanbaohang* Porsche (4) Yangjiang Meibaohang* (46) Ganzhou Xinbao* (5) Guangzhou Meibaohang Toyota (47) Nanchang Jubao (6) Xintang Meibaohang (30) Beijing Zhongye (7) Dongguan Meibaohang (70%) (31) Bazhou Guanyue* BMW Lexus Lexus (48) Jingdezhen Meibaohang* (49) Shangrao Meibaohang (8) Dongguan Meidong (49%) (32) Beijing Meidong (50) Xinyu Meibaohang* (9) Foshan Meixing (60%) (10) Zhuhai Meidong (51) Jiujiang Huibaohang (11) Qingyuan Meidong* Hubei Beijing (12) Yangjiang Meidong* Toyota (13) Doumen Meidong (71%) Porsche (52) Xinyu Dongbu* (14) Tangxia Meidong (69%) (53) Jiujiang Dongbu* (15) Shaoguan Meidong* (33) Wuhan Xinbao Hebei (16) Jiangmen Meidong BMW Fujian Toyota Shandong (34) Huanggang Baoxinhang* Lexus (17) Dongguan Dongbu (54) Xiamen Meidong Gansu (18) Dongguan Dongmei Hunan (55) Longyan Meidong* (19) Dongguan Dongxin (20) Dongguan Fenggang BMW Toyota (21) Dongguan Wangniudun (22) Dongguan Meiyue (35) Zhuzhou Meibaohang* (56) Quanzhou Meidong (36) Hengyang Meibaohang* Anhui Hyundai (37) Changde Meibaohang* Anhui Hubei (38) Yueyang Meibaohang* (23) Dongguan Guanfeng (39) Liuyang Meibaohang* BMW (40) Yongzhou Meibaohang* Audi (57) Huaibei Meibaohang* (24) Heyuan Guanao* Lexus (58) Suzhou Meibaohang* Hunan Jiangxi (59) Chizhou Meibaohang* (41) Changsha Meidong (60) Chuzhou Meibaohang* (42) Zhuzhou Meidong* (61) Tongling Meibaohang* (43) Hengyang Meidong* Fujian (62) Huangshan Meibaohang* Toyota Shandong (44) Yiyang Dongxin* Guangdong Porsche Notes: (1) Apart from the stores marked by brackets, the others are 100% (63) Jinan Jubao (70%) owned by the Group. (2) Including a joint venture in which the Group owns 49% equity interest (Dongguan Meidong). * Single City Single Store China Meidong Auto Holdings Limited • Annual Report 2020 3 GEOGRAPHICAL COVERAGE Beijing Hebei Shandong Gansu Anhui Hubei Hunan Jiangxi Fujian Guangdong China Meidong Auto Holdings Limited • Annual Report 2020 4 CORPORATE INFORMATION BOARD OF DIRECTORS PRINCIPAL PLACE OF BUSINESS Executive Directors IN HONG KONG YE Fan (Chairman) Room 2404 YE Tao (Chief Executive Officer) 24th Floor, World-Wide House LUO Liuyu 19 Des Voeux Road Central Hong Kong Independent Non-Executive Directors CHEN Guiyi AUDITOR WANG, Michael Chou KPMG JIP Ki Chi Public Interest Entity Auditor registered in accordance with the Financial Reporting Council Ordinance AUTHORISED REPRESENTATIVE Certified Public Accountants YE Tao 8th Floor, Prince’s Building 10 Chater Road COMPANY SECRETARY Central, Hong Kong WONG Cheung Ki Johnny, FCPA, FCG (CS, CGP), FCS (CS, CGP) LEGAL ADVISERS AS TO HONG AUDIT COMMITTEE KONG LAW HW Lawyers JIP Ki Chi (Chairman) CHEN Guiyi CAYMAN ISLANDS SHARE WANG, Michael Chou REGISTRAR AND TRANSFER REMUNERATION COMMITTEE OFFICE Conyers Trust Company (Cayman) Limited WANG, Michael Chou (Chairman) Cricket Square CHEN Guiyi Hutchins Drive JIP Ki Chi PO Box 2681 NOMINATION COMMITTEE Grand Cayman, KY1-1111 Cayman Islands YE Fan (Chairman) JIP Ki Chi HONG KONG BRANCH SHARE WANG, Michael Chou REGISTRAR AND TRANSFER REGISTERED OFFICE OFFICE Tricor Investor Services Limited Cricket Square Level 54, Hopewell Centre Hutchins Drive 183 Queen’s Road East PO Box 2681 Hong Kong Grand Cayman, KY1-1111 Cayman Islands PRINCIPAL BANKERS HEAD OFFICE AND PRINCIPAL China Construction Bank (Asia) Corporation PLACE OF BUSINESS IN PRC Limited Bank of China (Hong Kong) Limited 13th Floor, Unit A1 Tian An Tech Industry Building Huangjin Road STOCK CODE 1268 Nancheng District, Dongguan Guangdong, PRC COMPANY’S WEBSITE www.meidongauto.com China Meidong Auto Holdings Limited • Annual Report 2020 5 LETTER TO SHAREHOLDERS What is not surrounded by uncertainty cannot be the truth.— Richard Feynman Dear Shareholders: On January 30, 2020, a few days into the Chinese New Year vacation, our key management team assembled online for an emergency meeting. We came off a successful 2019, hitting on all cylinders in financial performance: fast growth in revenue, profit, and cash flow. Managers had just started their long, well-deserved, and hopefully undisturbed Chinese festivities. Yet, they were called upon to discuss the least-festive topic: how long we could survive as a company without any sales. It was the onset of the COVID-19 pandemic and, in a matter of days, humanity suddenly froze in China. We had to plan for no sales and no cash flow as a very real scenario. We survived those dreadful months and we survived well. The market froze in February and most of March. In the subsequent recovery in April, our efficiency and organizational strength enabled us to recover more quickly than the rest of the industry, and more quickly than even our own expectations. We had a decent first half of 2020, and set a cautious tone for the second half. With many friends around us losing their jobs, businesses, and, in some cases, sanities, being hopeful yet cautious seemed to be the right attitude. The market in the second half of 2020 surprised us. We are now sitting on the lowest inventory levels of our company’s history, having experienced the strongest automobile luxury market we have seen in years, maybe ever. The shift into luxury consumption seems to be accelerating, especially in lower-tier cities. We experienced strong foot traffic, sales volumes, and gross margins. Ever since we went public, we have operated in an environment of mostly headwinds. A tailwind is therefore a welcome change, however brief a time we may have to enjoy it. The past few years, especially 2020, have taught us that extreme gyrations are normal, black swans are swans, and uncertainties are certain. Business conditions are either icy cold or oven hot, and nothing in between. This forces us to look deep into our core to ask two fundamental questions again and again: what is our strength and is it sustainable in the world of uncertainties? We believe our strength is still our efficiency, derived from our ability to keep inventory low and turns high. Efficiency and low inventory enable us to optimize cash flow and maximize asset returns, and, more importantly, allow us to generate profits consistently and predictably. We talked about these subjects in previous letters, and, in this letter, plan to elaborate in greater detail. Let us first look at our 2020 operations. China Meidong Auto Holdings Limited • Annual Report 2020 6 LETTER TO SHAREHOLDERS OPERATIONAL SUMMARY 2020 We delivered good results in 2020. Revenue grew by 24.7% to 20,207.4 million RMB, and net profit by 38.2%, to 770.6 million RMB. The gross margin of new car sales improved from 5.0% to 5.5%, and the gross margin for services stayed essentially flat at 46.3%, resulting in an increase of our overall margin from 9.6% to 10.1%. Our expense ratio continued to trend downward, with significant improvements in total expenses as a percentage of sales, from 6.2% to 5.6%. We declared another record dividend payout of 0.3861 RMB per share, representing 64.0% of our 2020 profit. We took an exchange loss of 80.2 million RMB, due to the 1,262.4 million HKD we raised and put on the balance sheet in the June placement. Without this one-time non-cash loss, we would have seen a profit growth of 52.6%. We did not take action to hedge. Our rationale at the time was that we would incur no cash loss, and hedging was expensive with inconclusive results. True to our “direct” culture, we have been debating internally on whether we should have hedged the exchange risks. We continued to become more efficient as we grew. Cash flow from operations exceeded 1,445.8 million RMB. The net margin was 3.8% in 2020, higher than 3.4% in 2019. ROE and ROA stayed at high levels of 23.04% and 9.92%, respectively. Inventory came down to 9 days from 17 days in the beginning of the year and 12 days in the mid-year. We highlight these numbers because we believe that it is of vital importance that we try to enhance our efficiency all the time. As we grow, we want our efficiency to pull further away from, not regress to1, the average (mean) of the industry. When and only when we achieve this consistently, our revenue growth will become financially valuable, organizationally meaningful, and, most importantly, intellectually satisfying. We built five new stores: one Porsche, two Lexus, and two BMW, with a 8.6% new store growth rate. We took two important baby steps in M&A: buying a Lexus store in Nanjing and a single-city-single-store BMW in Guang’an, a fourth-tier city in Sichuan Province. Both purchases met our criteria: familiar brands, familiar locations, and reasonable prices. The manager we put in charge of M&A proved herself to be as capable and quick learning as any of our senior managers. For her work in 2020, she received much praise, a big bonus, and no headcount.
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